When there is a recessionary gap:
a. Employment exceeds full employment
b. Employment equals full employment.
c. Employment is less than full employment.
d. Any of the above is possible.
c
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Refer to the figure above. When the demand curve for gas is D2 and the supply curve of gas is S, the equilibrium quantity is:
A) 50 gallons. B) 70 gallons. C) 20 gallons. D) 40 gallons.
Over time, overall responsibility for formulating monetary policy has become increasingly concentrated in the
A) Federal Reserve Bank of New York. B) Council of Economic Advisors. C) Federal Deposit Insurance Corporation. D) Federal Reserve Board of Governors.
Which of the following is true?
A. In Sweezy oligopoly a change in marginal cost may not have an effect on output or price. B. In Bertrand oligopoly each firm reacts optimally to price changes. C. In Cournot oligopoly firms engage in quantity competition. D. All of the statements associated with this question are correct.
A proportional income tax means that those with a higher income pay
A. a higher percentage of their income in taxes than low-income people. B. the same percentage of their income in taxes as low-income people. C. a lower percentage of their income in taxes than low-income people. D. all the taxes in the economy.